U.S. PetIQ agrees to buy Irish pharma giant Perrigo's unit in $185 mln deal

U.S. PetIQ, Inc., a pet medication and wellness company, has agreed to purchase Perrigo Animal Health, the animal health division of Irish pharmaceutical giant Perrigo.

Perrigo Company plc is selling Perrigo Animal Health in a $185 million cash transaction, which has been unanimously approved by PetIQ’s board of directors.

PetIQ expects the deal to be accretive to earnings in the first twelve months following the closing and thereafter. As part of the move, Perrigo Animal Health will become an indirect wholly-owned subsidiary of PetIQ.

Subject to customary closing conditions including the receipt of U.S. antitrust approvals, the acquisition is anticipated to close during the third quarter of 2019.